On January 1, 2020, Gryffindor Corporation issued $6.3 million of 10%, 10-year convertible bonds at 102. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 50 shares of Gryffindor's no par common stock. Gryffindor recently issued similar bonds with no conversion feature at 98. On July 1, 2024, 30% of the bonds were converted into common stock of Gryffindor, when common stock had a market value of $35 per share and the unamortized premium was $50,400. 1. Prepare the journal entry to record the issuance of the bonds. 2. Prepare the journal entry to record the conversion of the bonds